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Detroit Turkey »
Nov 23, 2008 by JOE GANDELMAN, Editor-In-Chief
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Cavuto is an idiot and a media drama queen trying to go after ratings. Ben Stiller is right. The amount spent so far on the financial institutions is closer to $300 bn. More is committed but the Bush administration and his inept economic team need to actually get a plan together and spend it.
BTW: where did Cavuto come up with $2 trillion as the amount we've spent so far? Is he confusing what Iraq has cost us with our economy? I am heartened to see that there are still some sensible conservatives like Ben Stein (at least on this) still out there. If we are going to fix the economy we need everyone working together. If our leaders and advisors fight then we're in deep doo doo. (Of course I'm not referring to Cavuto in this, but the general listlessness of the Bush administration and lack of a plan, caused by differing opinions.)
Acutally there is a real basis for the $2 trillion number. If you add up the TARP, all the hits that were taken re: AIG and facilitating bank mergers and the increase in the Fed balance sheet then it is about $2 trillion. The real question is how much of the Fed balance sheet expansion is permanent and how much is temporary. While it is very unlikely that we have “spent” $2 trillion, I think we could have easily take a $100-$500 billion hit from what's been put on the Fed balance sheet.
Also it is completely accurate to say that liquidity has expanded by over $2 trillion globally and yet it still isn't helping.
mikkel, OK, I'll concede the more expansive figure is probably a better way to judge the bailout (and actually I wasn't even thinking of that when I made my comment). But only $300 bn of TARP has been spent to inject capital into banks. Thanks!
Cavuto is still an idiot.
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